EPFO – 25% more claims were approved in June Quarter, Withdrawal of money become more simple

EPFO Claim Settlement: – As per the data shown by EPFO there has been a 25 percent growth is visible in claim settlement during the first quarter of the current financial year which is April-June 2024

1.36 crore+ claims are settled

As per the statement issued by EPFO, in the first quarter of 2024-25, the organization approved 1 crore 36 lakhs 68 thousand 13 claims of subscribers. These figures show a significant boost which is 25.09 percent as compared to the previous financial year’s first quarter 2023-2024. As EPFO has settled 1 crore 9 lakh 26 thousand 376 claims in the first quarter of last financial year.

The amount raised considerably in terms of money

As the settlement of claims is going at a fast pace, the subscribers which are PF account holders have been able to get money faster. In the lieu of more than 1.36 crore claims, PF account holders have received payment of Rs 57,316.09 crore, last year this figure was only Rs 45,820.69 crore. Therefore, an increase of 25.09 percent can be seen in terms of payments.

On which Occasions can you use the withdrawal facility ?

Provident Funds for crores of employees who are working in the private sector in India are managed by world’s largest social security organization which is EPFO. For EPFO subscribers PF account is significant social security. They can avail facility of withdrawal of their PF money on various instances such as in the Covid time, EPFO started Covid Advance. Account holders can withdraw money on various accounts such as loss of job, children’s education, children’s marriage, building or buying a new house and many more. 

How can you know the reason for rejection ?

Money withdrawal process from PF accounts has become automated and digital to a great extent. Now upon rejection of subscriber’s claim, he will receive SMS on the registered mobile number, EPFO stated and he can check the reason for the same, on clicking the on the link given in the SMS.
Read More: Know the changes made in rules for withdrawal of money from PF accounts

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